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Innovation activity of companies, like nothing else, determined and largely determines the development of the market of products, services and works. Increased competition in the market, the availability of products to consumers anywhere in the world, including in the implementation of the purchase through online stores makes us choose the goods under the strategy fit each individual buyer. But such a strategic vision that promotes the development of innovative solutions, innovative products, and leads to a variet...

The aim of the study is to supplement the theses of the allocation theories and new eco-nomic geography of results the analysis of the agglomerative processes dynamics in the cities and regions of Russia. To achieve this goal the analysis of the studies on this issue was conducted, we presented theoretical back-ground, the analysis of the dynamics of agglomerative processes in Russian cities and regions was also held, and we made the appropriate conclusions. The reported study was supported by RFBR, research proje...

Nowadays, in the post-industrial economy, organizations compete between each other not only of producing goods but also of skills and ability to create, update, and use organizational knowledge and intellectual resources effectively, implementing them in the goods and services. Knowledge, skills and abilities, which provide a competitive advantage of the organization's staff, and also to the whole company. Methodological basis of the study is methods of system analysis, comparisons and analogies, logical-semantic ...

Estimation of efficiency from the perspective of an external investor draws a high enough interest in assessing the efficiency of risk management. Since the methods risk management are nontransparent information, the carrying out of empirical research is enough complicated. However, in a number of papers the elements of the assessment of so-called "market efficiency" are traceable, among which the most common factors are: the behavior of stock prices at the moment of collapse of the market, lower average cost of c...

The paper is focused on the issue of employee performance in regards to employee engagement. Several studies indicate that engagement of employees determines individual performance. In order to investigate this hypothesis, research was conducted in Slovak companies. The main objective of the research is to explore the existence of the relationship between the employee engagement in the organization and employee's performance. In order to reach the research objective, the engagement factors and indicators of indivi...

The paper is focused on the analysis of selected risks with a more detailed elaboration of systematic and unsystematic risks that need to be taken into account in the valuation of the company's capital. In the processing of risk analysis, the focus was on analyzing the development of the $eta$ coefficient, country risk, capital market, as well as financial and business risks. The analysis was performed in selected production systems of the food industry in Slovakia in the period of 2003 - 2015. The paper compares ...

The problem of environment is a global problem. Each country has its own method of monitoring it. But in spite of its specifity, Information plays a great role in preventing environments pollution and decision-making. It is formed in the system of reporting as well as ecological. The data of ecology expense will help to estimate ecology risks. So it seems very up to date to create a method of environment's risk calculation, which should be done under the reporting connected with overrated payments under the negati...

This article is devoted to the solution of the actual problem in modern conditions: the credit portfolio risks assessment of non-credit organizations. The article presents the basic principles of diagnosing short-term credit risk for corporate business. The proposed method allows estimating the influence of the financial risk condition of borrower on the organization credit portfolio on the basis of the results of the analysis. The algorithm of calculation of the short-term risk limit for corporate client was deve...

Solvency II and Basel III regulations introduced on the European level brought about certain conditions to be fulfilled by the financial entities that are offering financial services to end users. One of the biggest change due to Solvency II is for the insurance undertakers to be aware of the risks profile of the their clients and of the markets (external risks) but in the same time to evaluate and counteract the negative effects of the operational risks - these are, after 5 years or more of discussions at Europea...

At international level there is a clear concern for the comparative analysis of the academic education systems of the member states of the European Union. In this context, through this work we intend to bring into the attention of those interested a comparative study of the funding mechanism of academic education in Romania and Spain, aiming to highlight the convergence elements and the particular aspects of each of the two financing models. For this, our debate will begin with the presentation of the two paradigm...

Given the recent economic downturn and the limited scope of monetary policy to provide additional stimulus for the economy, fiscal policy was regarded as the main tool for the economic recovery. The mix of expenditure and revenue measures has important implications with respect to output growth, as well as to other key macroeconomic variables. The literature on the determinants of successful fiscal consolidations generally favours spending-based over revenue-based adjustments and in particular, the empirical liter...

The aim of our research was to examine how the knowledge of customer opinion of the tourism establishments can influence their organizational communication. As main objective, we followed, on the one hand the responsiveness' assessment of tourism units' management towards customer opinion and, on the other hand, revealing how crowdsourcing can help to streamline organizational communication of tourism units. We started from the premise that streamlining the activities depends on the extent to which tourism units p...

Companies, while building their value effectively, understand that the condition of success is connected with the broadly understood social responsibility, which refers to the business strategy and its key element defined as a personnel strategy. What is important here it is the problem of responsibility of top managers, who personally represent business to employees, customers, boards of directors and shareholders and at the same time they are responsible for the quality of management culture in their companies. ...

Currently, a major trend is development of cooperation among business partners in value chains aiming to provide maximum value to the final consumer, creating thus conditions for long-term prosperity of all partner links. Essential for effective functioning of grocery value chains is the final link in the chain, i.e. retail stores, which, because of their direct relation to the final consumers, significantly increase the value of the efforts of previous links in the chain. Collaboration among partners is increasin...

At present, the situation on the Czech retail market for the provision of mobile telecommunication services is quite complex. There are three key businesses on the market operating mobile networks and providing mobile telecommunication services. They are similarly successful businesses achieving high yields, which are, however, gradually losing their privileged positions and profits due to greater deregulation of the telecommunications market as well as stronger competition. Today it is already obvious that only s...

Development of socio-economic systems is uneven. Various subsystems change at different speeds and in different directions. The result of this is the emergence of structural imbalances. These imbalances can be both static and dynamic. Their presence has a negative impact on economic growth, living standards, technological level of the economy and other important factors. Studying disparities of socio-economic systems studied by different specialists, methods of their analysis are enshrined in international documen...

This scientific article is devoted to the study of peculiarities of clusters investment that currently exist and are forming at the moment. The purpose of this work is studying of the mechanism of directions and redistribution of investment in clusters to encourage innovations in regional economic system. Theoretical and empirical research methods are used in this research, as well as a literature review and economic effectiveness indicators of innovative clusters. Article contains a study of the approaches to ass...

Integration is always effect positive on the economy of the country: due to increase of competition between firms, growth of production's volume, more effective territorial distribution of economic activity, reducing the cost of resources and the cost of goods to the value of the border's costs. Domestically, the more successful regions receive more benefits from the integration that enhances the existing socio-economic inequality among the regions. The aim of the study is to identify and evaluate the effect of in...

The Baltic States face serious socio-economic problems – high unemployment rates, the risk of poverty and the threat of depopulation. One of the solutions to these problems is the development of social entrepreneurship. The Baltic States have different experience in social entrepreneurship, which is affected by the public policy and activities of public organisations. The aim of the research paper is to examine the experience and trends in social entrepreneurship in the Baltic States. Quantitative and qualitativ...

The sense, role and some types of crises in social and economic systems is shown in this paper. The comparative analysis of concept and a role of crisis in economic systems from the point of view of the standard economic theory (classical and Keynesian approaches, dynamic models, etc.) and concept of crises in social and economic systems from the point of view of the theory of self-organization are carried out. The difference of concepts of sustainability of system in the specified theories is also shown. Showing ...

The present paperwork presents the development and the results of a micro-level scientific research regarding the interdependencies of strategic management and knowledge management. Throughout the paper content we briefly introduce the conceptual framework which is represented by the connections between knowledge management and strategic management both in theory and practice. The research focuses to discover the managers' perspective and practices with respect to the strategic management and application of knowle...

The present paper describes the concept of cross-functional managers compared with the one of traditional, classical managers. Using the reference literature on cross-functionality and our findings from the managerial practice, this paper investigates the status of cross-functional managers within both traditional and modern enterprises. We explore the position and capability of cross-functional managers to fulfil their objectives and to favorably solve the identity matters they are confronting with.

Technical-technological environment became very strong environment in recent years. It significantly affects and influences life in a globalized world as well as in tourism sphere. There can be found many factors within this environment. They bring new technologies, therefore new products and new market opportunities when considering tourism as important economic facilitator in the global economy. Due to a modern technologies disposition and rapid exchange of information and deciding of customers, strengthens the ...

The article defines the essence and content of the program budgeting. The role of state programs is identified as the main instrument of the program budgeting in the budgetary strategy development in the region. The state programs should occupy a central place in the budget process at the sub-national level including budget-planning, implementation of the budget expenditures and monitoring their effectiveness. An important way to im-prove the budget process based on the program budgeting is structuring of financia...

Communication in tourism sphere is very important. We can say that communication affects tourism as it is. Informational technology in recent years hit every area of business and influenced the use of marketing tools in the field of tourism as well. In the era of information society the information have character of power supply. Internet communication is essential to the success of any company, organization, destinations, but also of each individual. Timely and relevant information help to obtain a significant co...

The relevance of the study is confirmed by the fact that the processes of restructuring of the telecommunications sector and increasing competition put forward new requirements for the forms and methods of strategic management by business operators. The aim of this study is to optimize the business operators through improved strategic management. Methodological basis of the study is methods of system analysis, comparisons and analogies, logical-semantic modeling. As the theoretical basis the works of domestic and ...

The paper presents a strategic analysis of the Romania system of Long Life Learning education in tourism, in comparison with the European countries systems. The main objective is to identify the main characteristics of the system, in order to improve the national touristic services at the competitive level of the main actors from this region, our main competitors from the European countries and Northern Africa. For the strategic analysis we used the main well-known classical models: STEEP and Porter 5F for the ext...

The decline of population is one of the most important indicators, which shows that in Latvia there is need to promote the employment of young people, with enabling them to learn, live and work in Latvia. The first job experience as well as education, training and practical skills are considered to be a crucial precondition for young people to start their employment career and provide future possibilities for their development and social status in society. The research object is the labour market situation for you...

This paper deals with proposing and implementation of a localization model as the basis for making corporate decisions if and where to build a new warehouse for reverse flows of dangerous waste intended for further reprocessing and returning back to production through the central warehouse of the company. The issue is to add a new warehouse to the existing network of already established regional warehouses to optimize the transport costs and to enhance services provided to the given part of the market. A suitable ...

This study analyses three important tourism firms quoted at Bucharest Stock Exchange: Casa de Bucovina- Club de Munte S.A. Gura Humorului., Bucuresti Turism S.A. Bucharest, Turism Felix S.A. BДѓile Felix. The scope is to identify which is the best to invest in. We follow the instruments give us by the fundamental analysis: Price/ Earning ratio, Capitalization, Return on Assets, Return on Equity, Debt to Assets, Dept to Equity ,Earnings per Share, Dividend Yield, Price to Book Value. Fundamental analysis presumes t...

The tourism and hospitality industry is a very dynamic one, with rapid changes and with trends that have to be taken into consideration for assuring good services according to the needs of tourists. One of the most important trends exhibited lately is senior tourism. The reality is that the population in developed countries is aging, and the same trend can be noticed in Middle and Eastern countries. There is a growing market for senior tourism and the organizations in the field have to adjust their activities to o...

Transformation of V4 countries was the first step of the change of the bipolar world diversity. Transformation from the central planned economy to the market economy was a very complex process. The main part of the transformation represents the change of the public ownership towards private property. It was realized by the privatization of state-owned companies. Due to the lack of domestic savings, the involvement and participation of foreign capital seemed to be necessary. Foreign capital was represented mainly b...

Taking full advantage of online global development, tourism and hospitality industry is rapidly growing its e-tourism wings. In the context of globalization and high competitivity, managers must face the new dimension of the market. Speaking in terms of impact and efficiency, conversion rate optimization it's one of the elements that must be taken into consideration by any manager when establishing online strategy. Presenting case studies of online performance improvement - by changing website copy, elements displ...

The purpose of this research paper is to identify the preferences of the smartphones owners towards mobile telecommunications services offered on the Romanian market. Approach/ methodology: The data was analyzed using: descriptive statistics, factor reduction function, t test and correlation. According to the analysis made we could underline the preferences of the segment of young consumers towards the mobile telecommunications services.

Legal and economic position of universities was already enshrined in 1998, by Act no. 111/1998 Coll., on universities and on changes and amendments to other Acts (hereinafter referred to as the "University Education Act"). In recent years, the autonomy of universities has been strengthened. In connection with this change, the responsibility for funding has been increased as well as for the proper management of allocated funds. Public universities receive a significant portion of their funding for their activities ...

Smartness becomes a characteristic of further successful development for any territorial unit – beginning with the EU as a whole through to individual local territorial units in each its Member State. One of the priorities regarding smartness is the expansion of innovative activity, which promotes an increase in the competitiveness of any territory in the global market. Latvia as one of the EU Member States is not notable with high characteristics of innovative action (GCI). For this reason, an important researc...

Investment incentive is one of determinants for attraction of foreign direct investments. Due to relatively identical or uniform conditions, incentive is the instrument for governments to gain some advantage in comparison to other countries. The most proclaimed argument to use incentives is the job creation. These jobs would be not created, if the incentives were not provided for foreign investors. On the other hand, incentives themselves mean expenditures that have to be paid in effort to create such jobs. Thus, ...

The paper analyses Romania's destination image communicated in international tourism promotion campaigns, through seventeen TV commercials. The authors analyzed and compared the main destination attributes and the holistic country image communicated in each campaign. The results highlight the way national tourism promotion strategies position Romania within the international travel market.

The article deals with issues that EU Member States may face because of the temporal (periodical) nature of the funding that European structural and investment funds allocate to urban revitalisation (regeneration) activity. The discussion is illustrated by showing how Poland used revitalisation funding in the last budget programming period in the European Union (2014-20). The article is interdisciplinary in character, because not only does it present the legal and financial aspects of the problem under considerati...

Reliability of financial statements is crucial when judging the relevance of financial information created in accounting information system. Although the importance of the problem has been raised many times in the literature, the matter has not been explored very well. Broadly admitting that financial reports should be reliable, there is limited literature on reliability definition. Few attempts to define reliability were based on conceptual framework created by International Accounting Standard Board. On the othe...

The problem of the tax consequences of transfer pricing is now quite urgent for the federal and regional budgets. Transfer pricing is one of the most common ways to minimize taxes. The result of the globalization of the world economy has become the free flow of financial resources, which led to a sharp rise over the past three decades, the number and the economic power of multinational integrated companies. Such structural shifts in the world economy dictate new requirements for the formation of tax systems, and c...

Scientists are increasingly carrying out various studies regarding the tax system in order to determine its areas that can be improved. However, it should be noted that, in terms of entrepreneurship promotion of companies, the latter has not yet been analysed in detail – various authors evaluate the tax system by using different methods or by simply providing intuitive evaluations which are not based on any empirical studies. Thus, methodical insufficiency regarding tax system evaluation in terms of entrepreneur...

Methods of evaluation of investment attractiveness has been much documented in the management research literature, while the information about methodology of increasing of investment attractiveness is lacking. today the problem of development and implementation of strategy of increasing investment attractiveness is very actual for company's managers (the root cause of rising its actuality is changes in structure of Russia's investment market after financial crisis of 2008 year).

The aim of the research is to analyse the results of the implemented aquaculture projects and define the factors, influencing viability of the projects, in addition providing recommendations for development and improvement of further policy in the Latvian aquaculture sector. On the ground of qualitative data the author carried out the analysis on support receivers and the results of their implemented projects, whereas on the basis of the quantitative data the author defined the factors, influencing viability of th...

The scientific research is devoted to the problems of a transparent and relevant information, which is created by Russian enterprises through the formation of integrated reporting, who are seeking to build a sustainable business. The key issues in this process, and the main development trends of integrated thinking are identified based on the study of modern established practice of integrated reporting in Russia. It has been defined the lack of transparency and openness of companies, in particular, the low level o...

The objective of the paper is to analyze the relation between materiality level and the audit risk. The presence of this relation comes from International Standard on Auditing ISA 200 "Overall Objectives of the Independent Auditor, and the Conduct of an Audit in Accordance with International Standards on Auditing”. In accordance with ISA 200, the audit risk may be considered as if it consists of two components: risk of material misstatement and detection risk. Authors have mathematically demonstrated that the de...

When seeking to assess the impact of customer satisfaction on company performances, there are many ways to assess such performance. The preferred option, however, is to use ratios. Internationally, one of the most common indicators Tobin's q. This, cannot, however, be used for most enterprises in the Czech Republic. Thus, the authors have come up with a variant of Tobin's q, one that might act as a suitable substitute. This ratio is the growth of assets, and its applicability will be tested in evaluating customer ...

This contribution is devoted to the issue of CAPM with a more detailed elaboration of its input parameters. It analysis and elaborates beta coefficient, individual ways of its calculation and summarizes findings obtained. It is dedicated to the development of Country Risk Premium and Equity Risk Premium of the Slovak Republic. The analysed input parameters are applied when calculating the Cost of Equity of selected Slovak industry. The most problematic point of solution was the calculation and acceptable predictio...

The support mechanism for electricity generation from renewable energy sources was set up for the development of its consumption. Producers got an opportunity to get rights to sell the electricity generated from renewable energy sources within the frame of compulsory purchase. Public sellers were obliged to buy the fixed amount of generated electricity and to determine the higher purchase price for cogeneration stations. The support mechanism for electricity generation by using renewable energy sources was created...

The aim of this article is to assess the impact of economic conditions on the level of bank loans to enterprises in Poland in the years 2000 – 2014. To achieve this objective were used the following research methods: a review of the scientific literature, statistical research methods and methods of graphical presentation of economic phenomena. The results of the analysis show that in the analyzed period, was noticeable a significant dependence between the level of bank loans to enterprises and economic condition...